Tesla forms three-member panel to weigh in on Musk taking the company private
Tesla’s board named a special committee of three directors on Tuesday to negotiate with Elon Musk on taking the electric-vehicle (EV) maker private, although it said it was yet to see a firm offer from the company’s CEO. Musk said on Monday that he had held talks with a Saudi Arabian sovereign fund on a buyout that would take Tesla off the Nasdaq exchange — an extraordinary move for what is now the US’s most valuable vehicle maker, worth more than $60bn. The committee, made up of Tesla independent directors Brad Buss, Robyn Denholm and Linda Johnson Rice, will wade into a deal that has puzzled Wall Street since a surprise announcement by Musk on Twitter last week, when he proposed taking the company private at $420 a share — compared to the current $354 — and said funding had been "secured". He has since given more details — including saying he is working with Goldman Sachs and buyout firm Silver Lake — but has yet to convince Wall Street analysts and investors that he can find the ...
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